RMIN test 1 and 2 topics - RMIN test 1 topics-study case...

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RMIN test 1 --- topics-study case applications at the end of chapters-key concepts and terms-review statementsCh1: know what risk is, objective vs subjective, chance of loss, objective vs subjective probability, peril, hazard, physical vs moral hazard, pure vs speculative risk, diversifiable vs nondiversifiable risk, enterprise risk management, personal risks, liability risks, major commercial risks (faced by businesses), burden of risk on society, risk control: avoidance, prevention, reduction, risk financing, retention, active retention, passive retention, self-insurance, non-insurance transfer, hedging, hold-harmless cause, incorporationCh2: insurance, indemnify (put u back where u were before things got messed up), law of large numbers, fortuitous loss, risk transfer, indemnification, large number of exposure units, accidental and

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